engagement ring insurance-

row1November 30, 2004

Just proposed! Finacee loves the engagement ring - thanks Blue Nile!

Now, how to insure? What have others done? Of course, appraisal value is like full retail price: I paid a bit more than 50% of the appraisal price.

Blue Nile jewelry steers you to a policy with Chubb. Also, I have learned that, although the value would fit well within my $44K homeowner's property (I don't have anywhere near $44k even though I have art, electronics, music instruments, tools, etc.), even if I accepted the negative of $1k deductible, they don't cover jewelry past $500 , so I would need a "scheduled personal property" deal.

Is it better to have a policy with my homeowner's ins? Or does anyone know of a good company/good rate for insuring an engagement ring that would cost a little more than ~5K to replace?

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spewey

Contact the company that handles your homeowner policy. They'll issue you a personal property rider, probably for less than a policy with a company without whom you have dealings with. Do you have a certified appraisal showing the value of the ring? If so, insure it for that price. If not, insure it for the price you paid, as you'll only collect that much. Discuss this with your agent; you don't want to overinsure it if they'll only pay back your actual costs.

    Bookmark   November 30, 2004 at 11:49AM
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mary_md7

Yep, personal property rider on the homeowner's insurance. It's at least worth getting a quote and paperwork (to read the fine print) and then doing the same with the folks that Blue Nile is recommending. Some policies cover theft, fire, etc., and some also include loss, dropping it down the disposal, or the stone(s) falling out.

    Bookmark   November 30, 2004 at 4:50PM
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smom40

We did it. Ring worth just over 5k. Rider on our homeowner's insurance. Don't have a clue as to what it is now, but 8 years ago, it was an extra 50 bucks a year.

I would say entirely worth it too. My setting snapped at the base about three years ago. I was frantic looking for the stone. Finally gave up. Ultimately found it in the bottom of my daughter's jammie drawer. Total luck.

We were just about to file a claim...

So yes, do it. I wouldn't do separate insurance. That's got to be more expensive than a rider, but I would research it to be sure.

    Bookmark   January 3, 2005 at 4:19PM
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kayjones

Buy a SEPARATE policy for the jewelry, so you can get replacement value!

    Bookmark   January 7, 2005 at 5:35PM
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froggy05

i have no idea!

    Bookmark   January 27, 2005 at 1:51AM
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kgsd

Also, make sure to note what's covered on the rider. A basic policy only covers your ring under circumstances on a list: usually theft, fire, etc. That means if you lose the ring, and "losing the ring" isn't on the list, you're out of luck.

I paid extra to have a policy that doesn't only cover certain circumstances. That way if my ring is dropped down the garbage disposal, or whatever else, it's covered.

    Bookmark   January 27, 2005 at 11:49AM
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